Sold 8 m sq ft this quarter: Anil Kumar, CEO, Ansal Properties
If the house appraisal comes in less than the agreed-on price, you could be left to make up the difference out of pocket, since lenders approve loans based on the appraised value, not the contract price. It’s possible the sellers will drop the price of that Boston, MA, real estate to match the appraisal. After all, if the home appraised low once, it could very well appraise low again. But if the sellers won’t budge — maybe they have an all-cash backup offer in the wings — it could mean back to the drawing board for you. Be prepared; here’s what you need to know about all the ins and outs of the appraisal process.